Objective
A borrower in San Francisco needed immediate funds to purchase a new property in the South Bay but could not wait to sell his existing property.
Challenge
The borrower owned a free and clear property in San Francisco but needed to make an immediate offer with a short closing time on the new property. He required quick access to capital to secure the purchase without having time to sell his current property.
Solution
Saxe Mortgage, a leading hard money lender, provided a hard money loan of $1.5 million within two weeks, using the equity from the borrower’s existing property. This bridge financing solution allowed the borrower to secure the necessary funds to purchase the new property without waiting for the sale of his current home.
Outcome
- Quick Access to Capital: The borrower received $1.5 million in cash from the equity of his San Francisco property, allowing him to make an immediate offer on the South Bay property.
- Timely Purchase: With the funds provided by Saxe Mortgage, the borrower successfully purchased his dream home without delay.
- Seamless Transition: After purchasing the new property, the borrower sold his San Francisco property, repaid the hard money loan, and completed the move to the South Bay.
Conclusion
This case study demonstrates the efficiency and flexibility of hard money loans for real estate provided by Saxe Mortgage. By leveraging private money loans and offering competitive hard money loan rates, Saxe Mortgage facilitated a smooth transition for the borrower, enabling him to purchase his desired property without the need for a prior sale.
Saxe Mortgage’s expertise in hard money financing highlights the value of hard money lenders in providing quick, reliable financial solutions for real estate transactions. This successful bridge financing solution underscores the advantages of hard money loans in overcoming time-sensitive challenges in the real estate market.